Joey co leased equipment to legoria co on april 1 2017 the, Accounting Basics

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Joey co leased equipment to legoria co on april 1 2017 the

Problem

Joey Co. leased equipment to Legoria Co. on April 1, 2017. The first of eight equal annual payments of $175,000 (excluding executory costs) was made on April 1, 2017. The Cost of the equipment to Joey Co. is $940,000. The Cash selling price is $1,026,900. Assume year end is 12/31.

How much income will Joey Co. recognize in 2017?

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